![四种商品期货的价格下限研究](https://wfqqreader-1252317822.image.myqcloud.com/cover/920/30009920/b_30009920.jpg)
第一章 商品期货的价格波动和价格下限的理论基础
第一节 商品期货各个品种的合约规则
我国有三大商品期货交易所,共上市交易47种商品期货。这三大商品期货交易所分别是上海期货交易所、大连商品交易所、郑州商品交易所,分别交易14种、16种、17种商品期货。各个品种的合约规则在下文中会详细阐述。
一、上海期货交易所
上海期货交易所的各个品种的合约规则见表1.1—表1.14。
表1.1 阴极铜的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0009_0001.jpg?sign=1738806872-Fsf0uvMYLNFITJXwZ30R6hHcHTyuaoY7-0-7df058bb75b8139f6a82e25f119cd503)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1738806872-ii8t0E0O0IKg5cZE3sHe0ZL0t36E85rk-0-326caafcdca0b553103761628ed8b784)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1738806872-5BEQ3qHIRsxSX7cPFmJSaoDOG1kf5Rna-0-4a722a290fc8516181c791b9e9fcd86b)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1738806872-FZzwlsjW1NumYOioJ73KcPstWsFXN7ct-0-6d5d6c7700f3221f92323daa9c0d65e0)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1738806872-5PjdcMCrylQLF12MyAyrgrRjvGDvhiv7-0-03ac5d59823ea44b8d787ca15a9299c3)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1738806872-m4O2oo5Ouj13xRqt0VhavTBnOOi9rm08-0-32dd9231c8d82140a12d083ab17d3eaf)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1738806872-2l4hBzpuEdmUxyaLqiclNPet2JW1ISI4-0-be6f194ce5fb8958bacdbde845283fb4)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1738806872-HTSATVb5TyYEX1GnKSYJdwCnHpL22v9t-0-d4978053438ac3d2c74828c5f7c07686)
表1.9 螺纹钢的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0015_0002.jpg?sign=1738806872-Sutqc4FWH3tp2K9ZdH8FMKxLbPW5p2xU-0-2db2948d7f1b6a2671ddbecfff4347a5)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1738806872-1vG8lpxRkxbnVSiVYUWGlQW3KS26Jsni-0-524617dfc74d14a0206d7952d009165f)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1738806872-UUDccDPWRoYgQ2AQ55kuWJ8IlpNAzEIz-0-fd9c19cdc4d1f14089d9aeaa2548824b)
表1.12 燃料油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0002.jpg?sign=1738806872-KZvHBUirdqchVDD6smsoGmjHKNN80KHm-0-c0918209bac4a3fa4c32d0ffa36edd90)
表1.13 石油沥青的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0018_0002.jpg?sign=1738806872-FL6Scty85ipMHNNIU5MQATOe0gfAwK73-0-892f1d811ec7e54cc903829c9cab36d1)
表1.14 天然橡胶的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0001.jpg?sign=1738806872-zreCEFTYN7iWk54XvcvZr6Fdl4lSqnuO-0-a41ecae6c260212d66ba6d0fa07d3acc)
二、大连商品交易所
大连商品交易所各品种的合约规定如表1.15—表1.30所示。
表1.15 玉米的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0002.jpg?sign=1738806872-fjF10O1bRGrHVbDKM0djNiJtaz4r15Rg-0-dbf640b6ccc59af1168d57285aa61682)
表1.16 玉米淀粉的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0020_0002.jpg?sign=1738806872-zfExpPas32TEYk7LzVcITZBTMNrgNyKJ-0-e050b931dc8a0060069309b00d768172)
表1.17 黄大豆1号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0001.jpg?sign=1738806872-4E6mHYKBkGOuqZoQFXx9bncuJNfeY8SQ-0-9c9c7aecbc1a1bedbe9753fcf5b46f85)
表1.18 黄大豆2号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0002.jpg?sign=1738806872-GghkljlCKffvmmYeTarDyM3mxKhLi6AH-0-281f2a9e915990353af085e9e7f7d1e1)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1738806872-Uaws8A9IKnTpS3eXpBhM577whUN28cD4-0-a38f4e69dd98182fae4924b673ee77b5)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1738806872-AC5U52i0h4zv5kPiabKU1I6yLOKtaSUx-0-913cd6ae40e56ddfcad9dbb9a56b769f)
表1.21 棕榈油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0023_0002.jpg?sign=1738806872-L5Be7MCudypFWwSODS8oeifU2Q7e54ho-0-49230f10511af8fa64e5e41851168ba4)
表1.22 纤维板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0002.jpg?sign=1738806872-QXTipMgvOnPCsmGFBpPaIX4mdvPHlMMS-0-83cee79df9a2c1bdbe460f152ca6847e)
表1.23 胶合板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0003.jpg?sign=1738806872-gdNPyBDLU7TVypEkL22ZMNsjNiLSV5Xn-0-fb0661da296d2524ae417ccf8dce92fc)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1738806872-fzdy75ZiOhRPVoYuEy9FETfSeR5QljQD-0-8ff9915cc89dae4bd0fc822c19c2b690)
表1.25 聚乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0001.jpg?sign=1738806872-S1QLYbImREwurSOdIuaD4jL5X7O05Soh-0-1aab74ee51256fde4259401599886e0c)
表1.26 聚氯乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0002.jpg?sign=1738806872-6Fet7Ktew7MbB64r2qRiybpemNshxrsH-0-35b87652553a15709b76393d5388b534)
表1.27 聚丙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0002.jpg?sign=1738806872-QsZRf0lOzKWy7ziTuwRPNVxeKdN2WdBX-0-57e5204cba0809da281afd0581005c0b)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1738806872-66SrQMaG19NjB99VbVpXoXEhtCwnGF9v-0-69a2014d10260d414ccebbbd4fbf53bf)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1738806872-tRO64BAnC3zI42wgSrwVccDVop6tHCBP-0-e6143139266894bafce2f2a643dfbc5b)
表1.30 铁矿石的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0001.jpg?sign=1738806872-caGDnEhmdevL7AqvdOBe14D58aCwQgKw-0-05f415359d7fcf21924858c0213fe4fd)
三、郑州商品交易所
郑州商品交易所各品种合约规则见表1.31—表1.46。
表1.31 强麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0002.jpg?sign=1738806872-blreyKurNKyzKacVL9tEJlP0tuxW3gfF-0-26ec9b8c063c0df47d39b6a31737f3b5)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1738806872-wVKxkmpBPOLakJrjoAjg8faC1IkzbCiw-0-9764175331993e22d5997fc3e8e349bd)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1738806872-WFM117BvEGRQStozKCBEa9eb1bt4cD8k-0-2c8ceb5216fc35d4c2c567c5208a7807)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1738806872-fnkaYCCJqKjhnQPKX4lT3act4X5lUEPf-0-a204235a2063b350815342d5b7877c14)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1738806872-EIx97PEZl2uF0rqQ5s0hh703WWpYEGo8-0-f88ec40e982cc55dae1eb9dd5fe90dad)
表1.36 菜籽油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0033_0002.jpg?sign=1738806872-xpeZIi3hQ6O4WBQy0A4USkb0FGAbnnA8-0-30903093f38f9589356d17fedabbabba)
表1.37 早籼稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0001.jpg?sign=1738806872-dfdJicgFX24UmlRYpVBt3ZCx7zgXrnwl-0-3aa849da16561f99f869ca20f7fcba9e)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1738806872-LV5pIeXzfpuSakfrg5FmJYGuldHqFYdW-0-fdf24691e4b5b82b55a208b6a086e924)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1738806872-4iCClj7TDsZIW2D4cGjNykOLDiBIigrV-0-9fc17d32b788c9686624a18d74368c85)
表1.40 油菜籽的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0002.jpg?sign=1738806872-a022Yb67ujyccGsCgYCFd665AzbW4WKU-0-87de25e7dad8511620c420c2def14da5)
表1.41 菜籽粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0003.jpg?sign=1738806872-u3k3JfFkk8g0pF9Izwdu3ryRMKd6q0Fo-0-45351c3511b1d79aa1e834a680fc9fca)
表1.42 动力煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0037_0002.jpg?sign=1738806872-cHKawqpVNgtEbWucSlwumBZ3baITHBh4-0-e2bd3831a3ee8662c2ff6ced7de78d21)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1738806872-4QtY9V3cjDiphZxJcVRvAch0S2e28IvP-0-b8672fee4fb63c537167ee08d006bacf)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1738806872-VW8S04GJKndReSUZnfKjs7D4TtK5dQ7k-0-aadcc5a49cea2cc1f79cf3cd80fc41a0)
表1.45 铁合金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0039_0002.jpg?sign=1738806872-YOit5jQjHu2p7c3ueQJm1C5nJjwqlatB-0-dd3ff3f741a059076f1737a42694fc66)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1738806872-yFqeBHSQZrRDNSdnV3tJxAfZCTApi3fh-0-220420bf36eb1b7989446a5b4a8284e3)